Financial Results : Service Equipment 2024 profit jumps 28% to SAR 16.2M; H2 at SAR 8.6M

Service Equipment 2024 profit jumps 28% to SAR 16.2M; H2 at SAR 8.6M

18/03/2025 Argaam Exclusive

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Service Equipment Co., which will list shares soon on the Nomu-Parallel Market, posted a 28% rise in the 2024 net profit to SAR 16.2 million, compared to SAR 12.7 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 51.04 57.44 12.5 %
Gross Income 23.62 28.02 18.6 %
Operating Income 12.68 16.33 28.8 %
Net Income 12.71 16.24 27.8 %
Average Shares 2.40 2.40 -
Earnings Per Share before unusual items (Riyals) 5.30 6.77 27.8 %
EPS (Riyals) 5.30 6.77 27.8 %

The annual net profit was fueled by a 13% year-on-year (YoY) increase in revenue to SAR 57.4 million. Gross profit grew by 19% YoY to SAR 28 million, leading to a rise in gross profit margin from 46% to 49% in 2024. EBITDA rose to SAR 17.3 million in 2024 from SAR 13.6 million a year earlier.

 

Operating profit margins also expanded to 28% from 25% in 2023.

 

The second-half net earnings climbed 46% to SAR 8.6 million from SAR 5.8 million in H2 2023.

 

On a half-on-half basis, net earnings increased by 13.2% from SAR 7.6 million in H1 2024.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 26.36 31.43 19.2 %
Gross Income 12.01 15.91 32.5 %
Operating Income 5.98 9.29 55.2 %
Net Income 5.89 8.62 46.4 %
Average Shares 2.40 2.40 -
Earnings Per Share before unusual items (Riyals) 2.45 3.59 46.4 %
EPS (Riyals) 2.45 3.59 46.4 %

Total shareholders’ equity, no minority interest, rose to SAR 41.89 million as of Dec. 31, 2024, compared to SAR 25.18 million a year earlier.

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